A second Chance to Buy in SilverMidterm forecast:
15.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
Technical analysis:
The RSI bounced from the support #1 at 48 and it prevented price from more losses.
A trough is formed in daily chart at 14.89 on 07/05/2019, so more gains to resistance(s) 17.20, 18.10 and more heights is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 67.
New trading suggestion:
*There is still a possibility of temporary retracement to suggested support line (15.60). if so, traders can set orders based on Price Action and expect to reach short-term targets.
* If you missed our first HUNT , you have a second chance to buy above the suggested support line (15.60).
Entry signal:
Signal to enter the market occurs when the price comes to "Buy zone" then forms one of the reversal patterns, whether "Bullish Engulfing" , "Hammer" or "Valley" in other words,
NO entry signal when the price comes to the zone BUT after any of the reversal patterns is formed in the zone.
To learn more about "Entry signal" and the special version of our "Price Action" strategy FOLLOW our lessons:
Trade Setup:
We opened 6 BUY trade(s) @ 15.21 based on 'Valley' entry method at 2019.07.10.
Total Profit: 492 pip
Closed trade(s): 144 pip Profit
Open trade(s): 348 pip Profit
Closed Profit:
TP1 @ 15.30 touched at 2019.07.11 with 8 pip Profit.
TP2 @ 15.60 touched at 2019.07.16 with 38 pip Profit.
TP3 @ 16.20 touched at 2019.07.18 with 98 pip Profit.
8 + 38 + 98 = 144 pip
Open Profit:
Profit for one trade is 16.38(current price) - 15.21(open price) = 116 pip
3 trade(s) still open, therefore total profit for open trade(s) is 116 x 3 = 348 pip
All SLs moved to Break-even point.
Take Profits:
TP4= @ 17.20
TP5= @ 18.10
TP6= Free
